Hydro-Québec securities: A wise, sustainable choice

Hydro-Québec is a major generator, transmission provider and distributor of electricity in Canada, focusing mainly on hydroelectricity. To develop, improve and maintain its facilities and reimburse maturing debts, the company issues securities which are guaranteed by the Québec government, its sole shareholder.

Key Assets1

Over 99% of power generated from renewables

Large reservoirs with a storage capacity of179.3 TWh

Installed capacity of 37,439 MW

Average residential rate of 7.59¢/kWh in 20222the lowest in North America

Return on equity 17.6%

Total assets of $89 billion

Average term of debt 22 years

Credit Ratings1

Rating agencies Long-term debt Commercial paper Outlook
Moody’s Aa2 P-1 Stable
S&P Global Ratings AA- A-1+ N/A*
Fitch Ratings AA- F1+ Stable
DBRS Morningstar AA (low) R-1 (middle) Stable

* S&P Global Ratings does not provide an outlook for Hydro-Québec’s credit rating.

Learn more about Hydro-Québec’s credit ratings

Results and Outlook3

Investments totaled $4.3 billion in 2022.

Hydro‑Québec carried out a number of fixed‑rate issues on the Canadian capital market during the year: $2.3 billion in medium‑term notes maturing in 2028, at an average cost of 3.15%, and $2.7 billion in bonds maturing in 2060 and 2063, at an average cost of 3.95%. These issues raised a total of $5.0 billion.

Net Income

($B)

The net profit for the year 2020 is 2.3 billion Canadian dollars, and the forecast for the year 2021 is 2.7 billion Canadian dollars

Investments

($B)

The investments amount to 4.3 billion Canadian dollars in 2022, and the forecast for 2023 is 5.7 billion Canadian dollars

Financing Activities4

($B)

The financing activities for the year 2022 is 5 billion Canadian dollars, and the forecast for the year 2023 is 5 billion Canadian dollars

View the five-year review of consolidated financial information [PDF 5 MB]

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  1. As at December 31, 2022.
  2. On April 1, 2022 (for residential customers with monthly consumption of 1,000 kWh).
  3. Forecast data is supplied for 2023.
  4. Gross borrowings.

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Terms and conditions of disclosure

The content of this site is intended for general information purposes only and should not be construed as an offer to sell or a solicitation of offers to purchase securities.

It has not been approved by any regulatory body and is not sufficient for the purpose of deciding to purchase securities. The information, when released, was considered reliable as of that date.

However, errors or omissions may have resulted from electronic conversion, downloading or unauthorized modifications. No warranty is being made by Hydro‑Québec as to the accuracy or completeness of the information provided on this site. Users from outside the Province of Québec are sole responsible for complying with their national, provincial or state laws and regulations.

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